Foreign Exchange Management (Deposit) (Amendment) Regulations, 2019

Foreign Exchange Management Deposit Amendment Regulations 2019. Regulation authorising Indian company to accept deposit by issue of Commercial Paper deleted

RESERVE BANK OF INDIA
(FOREIGN EXCHANGE DEPARTMENT)
(CENTRAL OFFICE)

Notification No. FEMA 5 (R) 2 /2019-RB

Mumbai, the 16th July, 2019

Foreign Exchange Management (Deposit)(Amendment) Regulations, 2019

G.S.R. 498 (E).— In exercise of the powers conferred by clause (f) of sub-section (3) of Section 6 and subsection (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in partial modification of its Notification No. FEMA 5(R)/2016-RB dated April 01, 2016, the Reserve Bank makes the following amendment in the Foreign Exchange Management (Deposit) Regulations, 2016, as amended from time to time, namely :-

2. Short title and commencement: –

(i) These Regulations may be called the Foreign Exchange Management (Deposit) (Amendment) Regulations, 2019.

(ii) They shall come into force with effect from the date of their publication in the Official Gazette.

3. Amendment of the regulations: –

Sub-regulation 3 of regulation 6 including all the words and expressions contained therein shall be deleted.

[F.No. 1/31/EM/2015]

R.K.MOOLCHANDANI, Chief General Manager

Foot Note: The Principal Regulations were published in the Official Gazette vide No. G.S.R. 389(E) dated April 01, 2016 in Part II, Section 3, sub-section (i) and subsequently amended vide G.S.R.1093 (E) dated 09.11.2018.

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